Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Binance0.000%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now 0.000%, 7d avg +0.052%

Together, before fees+0.087%+ Points / potential airdropLighter: Season 3 · farm board+$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.052% cheaper against Binance than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008655	0.0100	pay 0.0050% / 4h	2h 49m	$35.8M	$150.9M	75x
Short	Lighter PENGU	0.008655	0.0096	get 0.0012% / 1h	49m 08s	$293K	$719K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BinancebpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$0.84
Price spread: 0.000% → +0.052%: −$5.25
Slippage, 4 orders: −$30.22
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$46.31
Costs to cover: 0.402%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Lighter: live order book, 35 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Binance live order book, 9 min ago	0.58 bp	8.6 bp −$9	18.2 bp −$182	72.2 bp −$7,215	doesn't fit
Sell Lighter live order book, 35 min ago	4.58 bp	8.1 bp −$8	68.0 bp −$680	doesn't fit	doesn't fit

PENGU on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008656	+0.009%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0405%	4h	0.008645	−0.116%	$22.6M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0362%	4h	0.008648	−0.081%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008655	0.000%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0256%	1h	0.008650	−0.058%	$309K	$317K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.693%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008669	+0.162%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008658	+0.032%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0048%	1h	0.008655	0.000%	$198	$59	5x	as long as short
ApeX Omni PENGUUSDT	+0.0054%	1h	0.008649	−0.069%	$79K	$254K	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGUshort	+0.0096%	1h	0.008655	0.000%	$293K	$719K	8x
Nado PENGU-PERP	+0.0097%	1h	0.008654	−0.006%	$671K	$759K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008659	+0.046%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008658	+0.031%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008659	+0.046%	$142K	$232K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008655	long leg	$35.8M	$150.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008650	−0.058%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.058%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008653	−0.023%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008650	−0.058%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008655	0.000%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008650	−0.058%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.109%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008652	−0.035%	$453K	$2.4M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008657	+0.023%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008857	+2.334%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008652	−0.035%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008674	+0.220%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008650	−0.055%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008651	−0.046%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008650	−0.053%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008658	+0.035%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008657	+0.023%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.865%	$94K	$97K	50x	as long as short